When business owners struggle with a challenge or feel overwhelmed by the day-to-day demands of their company, many find that working with a growth agency can be helpful.
As a business owner, you know how important it is to grow your company. But it is often difficult to do this on your own. This is where working with a growth agency comes in handy. By partnering with an experienced agency, you can access new resources and expertise to help your business reach its full potential.
What are some of the usual frustrations that business owners face?
Common frustrations that business owners encounter include issues related to finances, such as managing cash flow or monitoring expenses; challenges related to marketing and sales, such as attracting new customers or improving conversion rates; and hurdles relating to growth, such as expanding into new markets or hiring additional employees.
A good growth agency has experience solving these types of challenges. They can assess your situation and develop a customized plan that considers all aspects of your business.
Other frustrations often encountered by business owners include:
No Predictability in Leads or Sales
According to a U.S. Bank study, 82% of businesses that failed cited cash flow problems as a factor in their failure. Cash flow problems can kill businesses that might otherwise survive.
As a business owner, you experience many ups and downs. This can be especially true with your sales and leads. You can have a great month where everything falls into place, and you hit your targets, only to have the next month be a complete bust.
A growth agency can help bring much-needed predictability to your leads or sales by using their knowledge and understanding of customer behavior. They develop customized growth plans that consider your products, services, target market, and competition.
This planning and customization can be difficult to achieve on your own, which is why working with a growth agency can be beneficial.
To build predictability into your business and have a reliable sales process, you must know what to track and how to improve using your data. Read more here: “Building a Predictable, High-Converting Sales Process (Part 1).”
Being Too Dependent on the Owner or a Few Key Employees
You face many potential pitfalls when your business depends too heavily on just one person or a small team.
This type of organization is highly susceptible to workflow or business operations disruptions due to illness, unforeseen circumstances, or sudden direction changes.
Working with a growth agency can help prevent your company from becoming too dependent on the owner or a few key employees.
In addition to gaining access to resources and expertise that you may not have in-house, a growth agency can help you develop systems and processes that make your business more efficient and effective.
Clever business process management and a solid foundation of business systems make all the difference for entrepreneurs whose business works for them (and not the other way around). Read more on “Business Systems: How to Create a Business that Works For You.”
Not Sure What to Focus on Next
High-performing business owners sometimes feel overwhelmed by the sheer number of opportunities. Every day you have new challenges and opportunities to tackle, and it can be hard to know where to focus your energy and resources.
If you feel stuck and don’t know what to focus on next, working with a growth agency can help. They can review your business and recommend where to invest your time and energy for the best results.
This can save you hours of guesswork and give you peace of mind knowing that you’re on the right track.
As entrepreneurs, we’re experts at multitasking and juggling many balls. We try to do everything, and we’re always busy. Understand, however, that busy is not the same as productive. Read more about focus here: “Busy is NOT Productive – Part 1: Focus.”
Overly Reliant on Word-of-Mouth and Referrals
It’s tempting to rely almost exclusively on word-of-mouth and referrals when promoting your business. However, this strategy has a few key disadvantages that you must consider.
First, relying too heavily on word-of-mouth and referrals makes your business vulnerable to market fluctuations. A sudden drop in demand for your product or service puts you at a severe disadvantage because you don’t have a reliable way to generate new business.
Additionally, it’s difficult to reach the right audience with promotions without a well-targeted marketing strategy.
A growth agency has the expertise to help you effectively devise and implement strategies to reach your target market through various marketing strategies.
You might be surprised to see how many potential profit centers you’re overlooking in your business. You can find them in your sales process, email marketing, lead generation strategies, and so forth. They’re everywhere. Read more about “The 5-Day Strategy That Brought In $131,274.”
No Scalable Sales or Marketing Strategy
A scalable sales or marketing strategy is essential to a strong business. Without one, growing your company becomes more difficult.
Scalable strategies are unique because they allow you to increase output without substantial resource increases.
A growth agency can help you create and implement a growth plan with scalable strategies. Without these in place, it’s difficult to create consistent growth.
Effective selling, for instance, requires more than just the right skill set. Creating a sales playbook can improve your numbers in a big way. Check out “7 Steps for Building Your Sales Playbook.”
Competing on Price
You’re in a race to the bottom when you compete on price.
A growth agency helps you focus on creating value instead of being the cheapest option.
This way, you can charge what you’re worth and even offer premium prices while customers still line up to do business with you!
With business more cutthroat than ever, you must make sure you differentiate yourself from competitors. So offer compelling advantages (such as additional benefits or loyalty programs) that aren’t based on price. And focus on such excellent customer service that you build a tribe of loyal customers who wouldn’t dare leave you for a cheaper option.
Competing on price alone simply won’t cut it – and often does more harm than good. Learn more here: “Competing on Price: Your Biggest Mistake.”
Losing Business to Inferior Competitors
Many agencies claim to grow your business, but few deliver on their promises.
Working with a growth agency ensures you’re putting your faith in someone who can actually produce results. A good growth agency prevents losing business to inferior competitors by helping you establish and maintain a strong market presence.
You’ll likely have an important discussion with your growth agency about positioning your company for long-term success.
Establishing your position in the market is not just essential for surviving in today’s economy; it also sets you up as your ideal client’s obvious choice in a crowded marketplace. Read more about “The Unique Advantage Point – EXPANDED.”
Not Growing Fast Enough
If you’re not growing as fast as you want, a growth agency can often help. Some growth agencies also have experience raising capital. So they can be an option if you need money to fuel your growth.
Businesses often achieve $1-$3 million in revenue and then plateau. There are several reasons why this happens. The most common is that the company is too dependent on word of mouth and referrals.
But another equally common reason is that your priorities (as a business owner) change as you grow. Read more about “How To Overcome a Business Growth Plateau.”
A Final Word About the Frustrations Business Owners Can Address When Working With a Growth Agency
Business owners are usually frustrated with the lack of growth in their business.
Many of these frustrations can be addressed by working with a growth agency that can create a plan and focus on specific areas for improvement.
Often, businesses fail to grow because they don’t have a clear plan or vision. A growth agency can provide this clarity and help execute the plan effectively.
If you’re ready to take your business to the next level, contact us today for a free consultation.
We would be happy to discuss how coaching can benefit you and your team.